-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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posted
IDOI: just filed SCHEDULE 14C (Won't be a low floater for long!!!!)
IDO SECURITY INC. 17 STATE STREET NEW YORK, NEW YORK 10004
INFORMATION STATEMENT
WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY. THE ACTIONS DESCRIBED IN THIS INFORMATION STATEMENT HAVE ALREADY BEEN APPROVED BY A MAJORITY OF OUR SHAREHOLDERS. A VOTE OF THE REMAINING SHAREHOLDERS IS NOT NECESSARY.
IDO Security Inc. (“we” or the “Company”) has obtained the written consent of stockholders representing approximately 51% of our issued and outstanding shares of Common Stock as of December 29, 2008 (the “Record Date”), the record date for obtaining the consents, for the following actions:
(i) approving an amendment to the Company's amended and restated certificate of incorporation (the "Certificate of Incorporation") increasing the number of shares of common stock, par value $0.01 per share ("Common Stock"), the Company is authorized to issue from 100 million shares to 2 billion shares (the “Authorized Share Increase”);
(ii) approving an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split (the "Reverse Stock Split") of our outstanding common stock at any ratio from 10:1 to 50:1 (the "Approved Range") at any time on or before December 31, 2009, with the Company’s Board of Directors (the “Board”) having the sole discretion to determine whether or not to effect the Reverse Stock Split and, if so, at what ratio within the Approved Range.
Posts: 463 | From: Virginia | Registered: Apr 2008
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